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Lawyer: Vaughan to admit Ponzi swindle
Updated: Thursday, 15 Dec 2011, 3:28 PM MST
Published : Thursday, 15 Dec 2011, 3:14 PM MST
ALBUQUERQUE, N.M. (AP) - A former Albuquerque real estate executive will plead guilty next week to charges he ran a multi-state Ponzi scheme that swindled hundreds of investors out of $74 million.
Court records show a hearing has been scheduled Dec. 21 in Santa Fe for a plea change in the criminal case against Doug Vaughan. He's the only defendant and previously pleaded not guilty.
Reached by email, his attorney, Amy Sirignano, said her client would be pleading guilty but that she was traveling and would not be able to speak further about the case until Friday.
The notice for the hearing comes just weeks after court documents were unsealed showing Vaughan's long-time assistant had reached an agreement with prosecutors and planned to testify against him.
Vaughan faces a 30-count indictment on charges ranging from wire and mail fraud to money laundering.
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